HVR Business Consulting is a specialised tax and business advisory practice for foreign founders, multinationals and English-speaking SME owners operating in Portugal. We work in English, Portuguese and Spanish, with a particular focus on situations where Portuguese tax law intersects with US, UK, German, French or Brazilian legal/fiscal frameworks. Founder Hugo Ribeiro has 25+ years of experience including SROC audit (KPMG, BDO) — we bring that audit-firm methodology to advisory engagements.

Where HVR is different from a typical Portuguese accounting firm

Most Portuguese consultorias serve domestic companies and treat foreign clients as exceptions. HVR's practice is built around three principles that domestic-only firms struggle with:

• Native English working language — emails, calls, board memos, due-diligence reports, IRS Annex L preparation, all in fluent English. No translation friction. You can forward our outputs directly to your US/UK accountants, lawyers, board members and investors.
• Cross-border-first methodology — we assess every transaction through a dual lens (Portuguese SNC + IFRS / US GAAP / UK FRS 102) so your Portuguese entity's reporting consolidates cleanly into your parent-company books. We prepare the Portuguese filing AND the management memo for your home-country accountant.
• Specialised in IFICI & expat founder flows — we have helped 30+ international clients activate the IFICI regime (20% flat tax for 10 years, NHR replacement) and have practical experience with the Annex L code list, Startup Portugal certification interaction, and the IFICI / Golden Visa interplay.

Business consulting services

• Company formation for non-residents — Lda, Unipessoal Lda, SA, branch office, SGPS holding. From €360 standard incorporation. Remote-friendly: we set up companies for US, UK, German and Brazilian founders without requiring them to fly to Portugal. NIF obtained by power of attorney; signature via Chave Móvel Digital or qualified e-signature.
• Cross-border restructuring & M&A — Portuguese subsidiary acquisitions by foreign acquirers, redomiciliation of foreign companies to Portugal (typical case: UK Ltd post-Brexit moves to PT), inversion structures, IP migration to Portugal (patent box / SIFIDE-eligible structures).
• Tax planning combining PT + home-country regimes — IRC at 19% (15% SME band) modelled against US C-Corp 21% federal + state, UK 25% main rate, German 30% combined. We calculate the effective rate and recommend the structure (subsidiary vs branch vs PE).
• Due diligence in English — tax, accounting and contingency review before acquisitions or investments. Output: bilingual report (PT + EN) usable by both sides of the deal table.
• IFICI / former NHR activation & ongoing maintenance — initial eligibility check, Annex L preparation, AT submission, documentation pack for inspection, year-by-year IRS filing with IFICI integration. See our IFICI step-by-step guide →
• Multi-currency & multi-GAAP reporting — your Portuguese SNC accounts plus parallel IFRS or US GAAP management accounts, in EUR + USD/GBP. Useful for foreign parent consolidation and board reporting.
• Startup-specific advisory — Startup Portugal certification, SIFIDE II R&D credit applications (32.5% IRC credit), stock option taxation under EBF art. 43-A (50% exclusion on gains held >1 year), cap table tax modelling for liquidation events.

Cross-border situations we routinely handle

These are real client scenarios — not theoretical service-page bullet points:

• US founder relocating from Bay Area to Lisbon — IFICI activation, Portuguese subsidiary of existing C-Corp, transfer pricing for SaaS revenue, RSU vesting events under IFICI, FBAR/FATCA coordination with US accountant.
• UK Ltd post-Brexit redomicile — new Portuguese Lda incorporation, business transfer (TUPE-equivalent in PT), VAT registration including OSS for EU customers, double-taxation treaty application.
• German GmbH establishing Portuguese subsidiary — choosing between Lda and direct branch (estabelecimento estável), VAT triangulation for German→PT shipments, intercompany loan documentation for transfer pricing, accounts in DE/PT GAAP bridging.
• Brazilian entrepreneur with Golden Visa investment — Lusofone Lda incorporation with limited PT presence, dividend stripping coordination Brazil↔PT, residency tax-bridging when family relocates.
• French / Italian / Spanish high-earner moving for IFICI — eligibility per the Portaria 352/2024 list, residency timing optimisation (1 January vs split-year), foreign tax residency exit (Form 2042-NR in France, Modelo 030 in Spain), DTAs and pension treatment.

Tax planning for SMEs and startups

HVR's tax consulting goes beyond compliance. We proactively identify opportunities to reduce effective tax burden legally:

• SIFIDE II — 32.5% IRC credit on qualifying R&D expenditure. Available to technology companies, software developers and innovative startups.
• RFAI — Investment tax credit up to 25% (North/Algarve regions) for companies investing in eligible fixed assets.
• ICE (Incentive for Capitalisation of Companies) — Deduction of 4.5% of equity increases. CIRC art. 41-A.
• SGPS holding structures — Portuguese participation exemption regime (dividend & capital gains exemption on qualifying participations). Use cases: SGPS for real estate, IP holding, international consolidation.

Tax Planning for SMEs and Startups

HVR's tax consulting goes beyond compliance. We proactively identify opportunities to reduce the effective tax burden legally and sustainably:

• SIFIDE II — 32.5% IRC tax credit on qualifying R&D expenditure. Available to technology companies, software developers and innovative startups.
• RFAI — Investment tax credit for companies investing in eligible sectors and regions.
• ICE (Incentive for Capitalization of Companies) — Reduces effective IRC rate through deductions on equity capital increases. Up to 13.5% reference rate for large companies, with +10pp uplift for SMEs. Introduced by Law 12/2022, replaces the former DLRR regime.
• Holding structures — Dividend exemption (participation exemption regime) and capital gains optimization through SGPS or Sub-holding structures.

Support for Foreign Companies in Portugal

Portugal is increasingly chosen by international companies for nearshore operations, European market entry and R&D investment. HVR advises foreign companies on:

• Choosing the right legal structure (subsidiary vs. branch vs. PE)
• Transfer pricing compliance and documentation
• VAT registration and OSS for e-commerce
• Payroll setup for local and expatriate employees
• IFICI tax regime for relocated employees
• Double taxation treaty application

Methodology

1. Free diagnosis — Initial meeting to understand your business, goals and current structure (30 min, no commitment)
2. Proposal — Detailed action plan with timeline and fixed-fee quote
3. Implementation — HVR handles all filings, registrations and communications with AT, Conservatória and other entities
4. Ongoing monitoring — Proactive alerts on regulatory changes that affect your business

Frequently Asked Questions

How much does business consulting cost in Portugal?

Fees vary by scope. Company formation via Empresa na Hora starts at €360. Tax planning engagements are scoped per project (typical range: €500–€5,000 for a one-off plan; recurring advisory billed hourly). Free 30-minute diagnostic to define scope.

Can HVR set up a holding structure for my Portuguese investments?

Yes. We design SGPS holding structures that benefit from the Portuguese participation exemption regime (dividend exemption + capital gains exemption on qualifying participations). Typical use cases: SGPS for real estate, IP holding, or international consolidation.

Does HVR handle SIFIDE II R&D tax credit applications?

Yes. SIFIDE II provides a 32.5% IRC tax credit on qualifying R&D expenditure. We assess eligibility, prepare the application file, and handle the certification process with Agência Nacional de Inovação (ANI).

Is fiscal representation required for non-residents?

It depends on your country of residence. EU/EEA citizens are exempt since 2022. Non-EU/EEA non-residents typically need fiscal representation for Portuguese tax filings. HVR does not provide fiscal representation services directly, but we coordinate with specialised partners.

How long does company formation take in Portugal?

Via Empresa na Hora, the process is completed in 1 business day for standard structures (Lda, Unipessoal Lda). Custom articles, multiple shareholders, or holding structures take 5–10 business days. Bank account setup adds 1–2 weeks.

Can foreigners open a company in Portugal without being resident?

Yes. Non-residents can incorporate Portuguese companies. Requirements: NIF (Portuguese tax ID, can be obtained remotely with a tax representative partner), proof of identity, capital deposit. Common structures: Unipessoal Lda (single shareholder) or Lda (multiple shareholders).

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